-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DPHyciKKKLD+JWLcKD8Xr2eg2892aK98Wlip6HpWegj2Ux8CYvz25CLc9v+IZihC JNTB/Becehtt7GEhJ1jIbw== 0000950130-00-000163.txt : 20000202 0000950130-00-000163.hdr.sgml : 20000202 ACCESSION NUMBER: 0000950130-00-000163 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000120 ITEM INFORMATION: FILED AS OF DATE: 20000121 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BECTON DICKINSON & CO CENTRAL INDEX KEY: 0000010795 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 220760120 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-04802 FILM NUMBER: 510579 BUSINESS ADDRESS: STREET 1: ONE BECTON DR CITY: FRANKLIN LAKES STATE: NJ ZIP: 07417-1880 BUSINESS PHONE: 2018476800 MAIL ADDRESS: STREET 1: ONE BECTON DR CITY: FRANKLIN LAKE STATE: NJ ZIP: 07417 8-K 1 FORM 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) January 20, 2000 ---------------- BECTON, DICKINSON AND COMPANY - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) New Jersey 001-4802 22-0760120 - -------------------------------------------------------------------------------- (State or other juris- (Commission (IRS Employer Iden- diction of incorporation) File Number) tification Number) 1 Becton Drive, Franklin Lakes, New Jersey 07417-1880 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (201) 847-6800 -------------- N/A - -------------------------------------------------------------------------------- (Former name or former addresses if changed since last report.) Item 5. OTHER EVENTS ------------ On January 20, 2000 the Registrant announced in a press release its results for the first quarter ended December 31, 1999. Attached hereto as Exhibit 99, which is incorporated herein by reference, is a copy of such press release. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BECTON, DICKINSON AND COMPANY (Registrant) By: /s/ Bridget M. Healy ---------------------------- Bridget M. Healy Vice President and Secretary Date: January 20, 2000 - 2 - INDEX TO EXHIBITS ----------------- Exhibit Number Description of Exhibits ------ ----------------------- 99 Press Release issued on January 20, 2000 EX-99 2 PRESS RELEASE DATED JANUARY 20, 2000 1 Becton Drive Franklin Lakes, New Jersey 07417 tel: 201-847-6800 www.bd.com NEWS RELEASE [LOGO] BD Indispensable to human health Contact: Ronald Jasper Director, Investor Relations (201) 847-7160 BD REPORTS RESULTS FOR FISCAL FIRST QUARTER; REVENUES INCREASE 12 PERCENT Franklin Lakes, NJ (January 20, 2000) - BD (Becton, Dickinson and Company) (NYSE:BDX) announced today results for its fiscal first quarter, which ended December 31, 1999. Reported revenues for the quarter increased by 12 percent from the first quarter of fiscal 1999 to $859 million. Diluted earnings per share were $.29, unchanged from a year ago when earnings benefited from a favorable tax judgment in Brazil which increased earnings per share by $.03. Year-to-year changes in currency exchange rates reduced reported revenues for the current year's first quarter by an estimated $11 million and earnings per share by $.01. By business segment, Medical Systems revenues grew 9 percent to $463 million compared with $425 million in last year's first quarter. These revenues reflected good growth in most product areas, including the company's advanced protection devices. Revenues for the Biosciences segment grew 18 percent over a year ago to $264 million for the quarter. Recent acquisitions, including Clontech which was acquired in late fiscal 1999, added approximately $20 million to Biosciences revenues for the quarter. The company also said that its BDProbeTec ET instrument, which was launched in the U.S. late in the quarter, is being very well received by the bioscience marketplace. Revenues of the Preanalytical Solutions segment increased to $132 million, 10 percent higher than the prior fiscal year's $121 million. The segment's results also reflected strong sales in advanced protection devices in the United States. By geographic area, revenues outside the United States were $433 million, an 11 percent increase. Revenues inside the United States were $426 million, an increase of 13 percent, with good performance by all segments. Gross profit margin for the quarter declined to 47.6 percent partially due to unfavorable mix of sales and the scale up of production of advanced protection devices. The Company also noted gross profit margins for the remainder of the year are expected to show improvement in comparison to the first quarter. Selling and administrative expenses were $234 million, or 27.2 percent of revenues, as compared to 29 percent of revenues last year, reflecting actions taken in recent quarters to control expenses. Edward J. Ludwig, president and chief executive officer, said: "We are pleased with our first quarter's results, although we believe they included a modest one-time benefit from Y2K-related purchases. We are confident that we will report record earnings for the year and that sales growth will continue to show acceleration from recent years." This press release may contain certain forward looking statements (as defined under Federal securities laws) regarding the company's performance, including future revenues, products and income, or events and developments that the company expects to occur or anticipates occurring in the future. All such statements are based upon current expectations of the company and involve a number of business risks and uncertainties. Actual results could vary materially from anticipated results described in any forward-looking statement. Factors that could cause actual results to vary materially from any forward-looking statement include, but are not limited to, competitive factors, changes in regional, national or foreign economic conditions, changes in interest or foreign currency exchange rates, delays in product introductions, Year 2000 issues, and changes in health care or other governmental regulation, as well as other factors discussed herein and in the company's filings with the Securities and Exchange Commission. - Selected Financial Schedules Follow - BECTON DICKINSON AND COMPANY CONSOLIDATED INCOME STATEMENTS (Unaudited; Amounts in thousands, except per-share data)
Three Months Ended December 31, 1999 1998 %Change - -------------------------------------------------------------- REVENUES $ 859,164 $ 768,966 11.7 Cost of products sold 449,951 385,710 16.7 Selling and administrative 233,838 223,116 4.8 Research and development 53,743 49,310 9.0 - -------------------------------------------------------------- TOTAL OPERATING COSTS AND EXPENSES 737,532 658,136 12.1 - -------------------------------------------------------------- OPERATING INCOME 121,632 110,830 9.7 Interest expense, net (21,557) (17,871) 20.6 Other income, net 1,674 1,025 63.3 - -------------------------------------------------------------- INCOME BEFORE INCOME TAXES 101,749 93,984 8.3 Income tax provision 26,455 17,826 48.4 - -------------------------------------------------------------- NET INCOME $ 75,294 $ 76,158 (1.1) - -------------------------------------------------------------- EARNINGS PER SHARE Basic $ 0.30 $ 0.30 - Diluted $ 0.29 $ 0.29 - - -------------------------------------------------------------- AVERAGE SHARES OUTSTANDING Basic 251,328 248,320 Diluted 262,593 265,419 - --------------------------------------------------------------
BECTON DICKINSON AND COMPANY SUPPLEMENTAL REVENUE INFORMATION (Unaudited; Amounts in thousands)
Three Months Ended December 31, 1999 1998 %Change ---------------------------------- MEDICAL SYSTEMS - --------------- United States $ 206,622 $ 192,625 7.3 International 255,984 232,540 10.1 - -------------------------------------------------------------- TOTAL $ 462,606 $ 425,165 8.8 - -------------------------------------------------------------- BIOSCIENCES - ----------- United States $ 150,766 $ 123,277 22.3 International 113,650 100,002 13.6 - -------------------------------------------------------------- TOTAL $ 264,416 $ 223,279 18.4 - -------------------------------------------------------------- PREANALYTICAL SOLUTIONS - ----------------------- United States $ 69,071 $ 63,331 9.1 International 63,071 57,191 10.3 - -------------------------------------------------------------- TOTAL $ 132,142 $ 120,522 9.6 - -------------------------------------------------------------- TOTAL REVENUES - -------------- United States $ 426,459 $ 379,233 12.5 International 432,705 389,733 11.0 - -------------------------------------------------------------- TOTAL $ 859,164 $ 768,966 11.7 - --------------------------------------------------------------
BECTON DICKINSON AND COMPANY SELECTED FINANCIAL INFORMATION (Unaudited; Amounts in thousands)
CONDENSED December 31, September 30, BALANCE SHEETS 1999 1999 - ---------------------------------------------------------------- Cash & equivalents $ 70,936 $ 59,932 Trade receivables, net 790,952 812,544 Inventories 666,396 642,533 Other 174,355 168,716 - ---------------------------------------------------------------- TOTAL CURRENT ASSETS 1,702,639 1,683,725 - ---------------------------------------------------------------- Property, plant & equipment, net 1,442,729 1,431,149 Other 1,336,730 1,322,084 - ---------------------------------------------------------------- TOTAL ASSETS $ 4,482,098 $ 4,436,958 - ---------------------------------------------------------------- Current Liabilities $ 1,345,119 $ 1,329,322 Long-term Liabilities 1,331,764 1,338,948 Equity 1,805,215 1,768,688 - ---------------------------------------------------------------- TOTAL LIABILITIES & EQUITY $ 4,482,098 $ 4,436,958 - ----------------------------------------------------------------
Three Months Ended SELECTED CASH December 31, FLOW INFORMATION 1999 1998 - ----------------------------------------------------- Depreciation & amortization $ 72,440 $ 62,688 Cash flow from operating activities 120,869 84,929 Capital expenditures (66,697) (61,778) Acquisitions of businesses - (41,706) Cash flow from investing activities (94,846) (115,784) Cash flow from financing activities (15,019) 76,182 Net Change in Cash & Equivalents 11,004 45,327 - -----------------------------------------------------
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